Tuya (NYSE:TUYA) Stock Price Down 2.5%

Tuya Inc. (NYSE:TUYA - Get Free Report)'s stock price dropped 2.5% on Friday . The stock traded as low as $1.59 and last traded at $1.59. Approximately 29,813 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 264,729 shares. The stock had previously closed at $1.63.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group raised Tuya from a "neutral" rating to a "buy" rating in a research note on Monday, January 8th.

Tuya Stock Down 2.8 %

The firm has a 50 day moving average of $1.80 and a two-hundred day moving average of $1.86. The firm has a market capitalization of $799.46 million, a price-to-earnings ratio of -14.41 and a beta of 0.33.

Tuya (NYSE:TUYA - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $64.41 million for the quarter, compared to analyst estimates of $61.94 million. Tuya had a negative return on equity of 4.66% and a negative net margin of 26.23%. Sell-side analysts forecast that Tuya Inc. will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Tuya

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Tuya by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 8,357,116 shares of the company's stock valued at $19,221,000 after purchasing an additional 44,329 shares during the last quarter. Carmignac Gestion raised its position in Tuya by 24.2% in the fourth quarter. Carmignac Gestion now owns 4,890,200 shares of the company's stock valued at $11,247,000 after purchasing an additional 952,100 shares during the last quarter. BlackRock Inc. raised its position in Tuya by 8.7% in the second quarter. BlackRock Inc. now owns 4,576,238 shares of the company's stock valued at $8,649,000 after purchasing an additional 364,481 shares during the last quarter. State Street Corp raised its position in Tuya by 6.4% in the second quarter. State Street Corp now owns 1,842,535 shares of the company's stock valued at $3,482,000 after purchasing an additional 110,092 shares during the last quarter. Finally, Citigroup Inc. raised its position in Tuya by 5.9% in the first quarter. Citigroup Inc. now owns 1,252,448 shares of the company's stock valued at $3,707,000 after purchasing an additional 69,753 shares during the last quarter. 11.47% of the stock is currently owned by institutional investors.

Tuya Company Profile

Tuya Inc offers Internet of Things (IoT) cloud development platform in the People's Republic of China and internationally. The company provides IoT platform-as-a-service that enables brands, original equipment manufacturers, and developers to develop, launch, manage, and monetize software-enabled smart devices and services; and industry software-as-a-service, which enables businesses to deploy, connect, and manage various types of smart devices.